Fenix Resources (FEX) investor relations material

Executive summary

• Achieved record iron ore shipments of 885,000 wet metric tons, a 17% increase from the previous quarter and 156% year-over-year, driven by the ramp-up of three operational mines and strong operational performance.

• Commissioned the third iron ore mine, Beebyn-W11, on time and on budget, unlocking the Weld Range project and expanding partnership with Baosteel/Baowu.

• Secured a transformational 30-year exclusive right to mine 290 million tons at Weld Range, with a $60 million cash consideration payable over 24 months, plus royalties.

• Maintained strong operational safety with zero Lost Time Injuries across mining and logistics operations.

• Increased cash balance to just under AUD 58 million despite significant outflows for acquisitions, dividends, and capital expenditure.

Financial highlights

• Operational cash flow exceeded $40 million, supporting cash build even with $20 million paid for Weld Range acquisition and nearly $8 million in dividends.

• CapEx for the quarter was $13.1 million, mainly for Beebyn-W11 commissioning and related projects.

• Debt increased marginally to around $70 million, with significant headroom in a new $115 million Westpac facility and new debt drawdown of A$15 million.

• Paid a fully franked final FY25 dividend of 1 cent per share (A$7.5 million total).

• Closing cash position increased to A$57.7 million as of 30 September 2025.

Outlook and guidance

• FY26 guidance maintained: targeting 4.0–4.4 million tons of iron ore sales at C1 cash costs of AUD 70–80 per ton.

• Targeting a million-ton quarter in December, aiming for continued record performance and positive FY 2026 outlook.

• Feasibility and scoping studies underway for Weld Range Project, aiming to extend mine life and increase production, with ambitions for FY 2029.